Liquidia Corp

Overview

Liquidia Corporation is a U.S.-focused biopharmaceutical company developing and commercializing treatments for cardiopulmonary diseases, with a particular focus on pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). Its technology platform, PRINT, is used to engineer particles for drug delivery to the lungs. Liquidia describes its mission as improving patients’ lives through enhanced pulmonary drug delivery, helping people with cardiopulmonary disease breathe easier and live longer.[1]+2

Its key commercial product is YUTREPIA (treprostinil) inhalation powder, an FDA-approved treatment for PAH and PH-ILD; the company also receives a share of U.S. profits from Sandoz’s generic treprostinil injection. Its pipeline includes L606, an investigational nebulized formulation of treprostinil. Liquidia reported $148.3 million in YUTREPIA net product sales for 2025, its first partial year of commercialization. A third-party company-data source reports 216 employees as of December 31, 2025.[2]+5 [1]+10

Products & services

Liquidia’s principal commercial product is YUTREPIA (treprostinil) inhalation powder, an FDA-approved dry-powder therapy for pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). Commercialization began in June 2025. Its PRINT particle-engineering technology produces uniform particles for deep-lung delivery, and the product is administered using a low-effort dry-powder inhaler. Liquidia reports that YUTREPIA enables higher dose levels than the labeled doses of other marketed inhaled treprostinil therapies. The company is also studying YUTREPIA for systemic-sclerosis-associated Raynaud’s phenomenon; that use is investigational, not approved.[9]+4

L606 is an investigational inhaled, sustained-release liposomal formulation of treprostinil being developed for PAH and PH-ILD. It is designed for twice-daily administration. Its global Phase 3 Re-Spire study is evaluating L606 in PH-ILD; the formulation and proprietary nebulizers are supplied by Pharmosa, while Liquidia holds development and commercialization rights in North America and other territories, including Europe and Japan.[14]+2

Liquidia also promotes Sandoz’s generic Treprostinil Injection under an agreement that provides Liquidia exclusive U.S. commercial-promotion rights and a 50% share of U.S. profit; Sandoz holds the product rights and ANDA. The generic is a parenteral treprostinil product, and subcutaneous administration uses an ICU Medical CADD-MS 3 pump.[16]+2

For the first half of 2026, product sales were $300.263 million of total revenue of $304.544 million, or approximately 98.6%; service revenue was $4.281 million. In the second quarter, product sales were $170.382 million of total revenue of $171.679 million, or approximately 99.2%.[19] [9]+17

Geographic presence

Liquidia Corp’s headquarters and principal operating site are in Morrisville, North Carolina. Its existing site supports offices, laboratories, research and development, and light manufacturing. In June 2025, the company signed a lease for an additional manufacturing and office facility of approximately 70,131 square feet in Morrisville, with occupancy expected to begin in late 2026.[20]

Commercial activity identified in the company’s Q2 2026 filing is in the United States: Liquidia shares in profits from Sandoz’s U.S. sales of generic treprostinil injection. Separately, its license agreement with Pharmosa provides for L606 development and commercialization rights in North America and, following a 2024 amendment, key markets including Europe and Japan; these are licensed territories, not evidence of current sales there.[21][22] The reviewed filings do not provide geographic revenue percentages or employee distribution by location. [20]+2

Business segments

Liquidia Corp reports one operating and reportable business segment, focused on developing and commercializing treatments for patients with challenging respiratory and vascular diseases, including pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The company does not report separate segment contributions; its consolidated operations are reported within this single segment.[23][24]

In the six months ended June 30, 2026, product sales were approximately 98.6% of total revenue and service revenue approximately 1.4%. These are revenue categories, not separately reported business segments, and the filing does not provide revenue contributions by product.[25] [23]+2

Company history

Liquidia was co-founded in 2004 by Joseph DeSimone and University of North Carolina researchers to commercialize PRINT, a particle-engineering technology developed in DeSimone’s lab.[26] In 2008, the company secured an exclusive license from UNC for PRINT-related technology.[27]

Liquidia began trading on Nasdaq in July 2018, and in 2018 its RareGen business partnered with Sandoz to commercialize generic treprostinil; the product launched in 2019.[28][29] In 2020, Liquidia acquired RareGen and became Liquidia Corporation.[30] That year, the FDA issued a Complete Response Letter for the company’s application for inhaled treprostinil candidate LIQ861.[31]

The FDA approved Liquidia’s YUTREPIA, a treprostinil inhalation powder, in May 2025, and the company began commercializing it in June.[32][33] [27]+11

Sources

• Liquidia Corp — Full financial report (2025 Y)
  10 citations

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• www.liquidia.com[3]
• www.liquidia.com[7]
• stockanalysis.com[8]
• Liquidia Corp — Full financial report (2026 Q 2)
  12 citations

  [9][10][14][16][17][18][19][21][23][24][25][27]
• www.liquidia.com[11]
• www.accessdata.fda.gov[12]
• www.liquidia.com[13]
• investors.liquidia.com[15]
• lemelson.mit.edu[26]
• www.sec.gov[30]
• liquidia.com[31]
• www.accessdata.fda.gov[32]